The global tire manufacturer, which has three plants in Nova Scotia, will kick in $64.1 million and the province will invest $8.9 million, company officials and Premier Darrell Dexter announced Thursday.

The Waterville plant, which employs about 1,300 people, will expand its existing building by about 32,000 square feet, improve equipment and increase production capacity over the next four to five years, said Dana LeBlanc, president of Michelin North America (Canada) Inc.

He said the company has invested more than $2 billion in its Nova Scotia operations since locating here more than 40 years ago.

“Today, we’re building on our history of manufacturing and expanding our commitment to the province of Nova Scotia,” LeBlanc told about 100 invited guests and employees at the Michelin Sports and Social Club, located next to the sprawling plant.

“We’re embarking on another investment milestone in our company’s long history. We need this to ensure that our Nova Scotia operations remain competitive.”

The new capacity will be highly flexible, allowing for a wider variety of commercial truck tires, he said. That will help the firm meet growing North American demand, especially for its X1, single-wide truck tire that makes vehicles more fuel efficient.

The company’s dedicated employees “must be congratulated on bringing this expansion to life,” LeBlanc said. “They have worked hard to ensure the success of Michelin’s operations in Nova Scotia.

“Today’s announcement shows, once again, that Michelin believes in both the province of Nova Scotia and our highly skilled employees.”

The creation of 50 new jobs was welcomed by Dexter.

“What this means … is keeping families here in these communities,” he said. “It means economic success for the region.”

Businesses can choose to go anywhere and because of that, Dexter said the province wants to make sure those that do come here are competitive.

“Companies like Michelin have demonstrated that Nova Scotians, and particularly the workers and industries in rural Nova Scotia, can be among the world’s best in quality and productivity,” he said.

LeBlanc said his company appreciates the province’s support.

When questioned about the NDP government’s first contract arbitration legislation, LeBlanc said the company expressed its concern about it, but “at the end of the day, the legislation passed. We respect the law.”

Thursday’s major investment showed the legislation doesn’t affect current or future business, he said.

“We are … talking about $73 million and 50 new positions,” LeBlanc said. “I think that’s good news, and I will continue to sell the province as a place to invest.”

Michelin and the premier were expected to make an announcement at the plant last summer under the Nova Scotia Jobs Fund, but the event was postponed.

LeBlanc said Thursday’s announcement is different, but added there are no other immediate major expansions in the works for the Waterville plant.

He said this expansion will not impact the Waterville Airport, located next to the plant.